GTSO Acquires Urban Mining Company Global Cell Buyers
SAN JOSE, Calif.--(BUSINESS WIRE)-- GTSO Resources, the mining subsidiary of Green Technology Solutions, Inc. (OTCBB: GTSO), achieved a major milestone in its quest to expand into the booming urban mining business this week by completing the acquisition of e-waste recycling start-up Global Cell Buyers (GCB).
Urban mining is the process of reclaiming materials such as gold, palladium, rare earths and other valuable metals from discarded and obsolete electronics. GCB's current focus is the purchase of obsolete smartphones for resale or recycling, but GTSO plans to enlarge the company's intake capacity in order to capitalize on additional lucrative waste streams, including tablet computers, flat-screen televisions, laptops and other mineral-rich electronics.
The enormous growth potential of the urban mining sector initially attracted GTSO to Global Cell Buyers. Consumers are now replacing smartphones roughly 18 months after purchase, and tablets are rapidly approaching a similar rate of obsolescence. Traditional mining alone simply cannot affordably satisfy demand for new gadgets.
According to a recent report by industry analysts Frost & Sullivan, the global e-waste recycling market is predicted to grow to $1.86 billion by 2017 with a strong compound annual growth rate (CAGR) of four percent. GTSO expects that its acquisition of GCB will be a major step toward capitalizing on that growth.
"We have big plans for Global Cell Buyers," said GTSO CEO Paul Watson. "This acquisition is a big step for our company and our shareholders as we grow and diversify our business."
Urban mining is a major pillar of GTSO's plans to compete alongside major international corporations striving for sustainable manufacturing solutions, such as Sprint Nextel Corp. (NYS: S) and Toyota Motor Corporation (NYS: TM) . The company is also exploring traditional mining opportunities in the U.S. and Africa through its joint venture with Diamond V Associates.
For more information on these initiatives, please visit www.GTSOResources.com/investors.html.
About Green Technology Solutions, Inc.
Green Technology Solutions, Inc. [www.gtsoresources.com] is a growth-oriented company exploring rare earth minerals and precious metals production around the world. To learn more, please visit our website at www.GTSOresources.com/investors.html.
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Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.
Green Technology Solutions, Inc.
Paul Watson, 408-432-7285
President and CEO
KEYWORDS: United States North America California
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